After receiving an initial capital of $1.4 million, the company is now in the process of developing a new business. Purestake has received $6 million in strategic funding from a consortium of investors to accelerate development, with the team aiming to bring the Moonbeam network online in the second half of the year.
The Ethereum-based smart contracts initiative should deliver a core network by mid-2021.
Ethereum may currently be the blockchain of choice for many developers of decentralized applications (Dapp) and smart contracts, but that paradigm is rapidly changing as more and more paths lead to Polkadot, the promising cross-chain communication protocol.
One of the exciting projects Polkadot plans to build on the upcoming Parashas is Moonbeam, a protocol that helps developers implement multi-channel projects. With Ethereum Virtual Machine (EVM) integration and Web3 compatibility, Moonbeam enables direct connectivity to the Ethereum network, allowing smart contracts and dapps to work seamlessly with multiple blocks simultaneously.
As Moonbeam approaches the launch of its Polkadot parachute, parent company Purestake has announced a new capital injection into an organization that will help the company deliver its smart contracts platform later this year.
6 million strategic funding round. The $1.5 billion round was arranged by a wide range of investors, reflecting Purestake’s commitment to establishing strategic partnerships that will help the company expand its protocol. Coinfund led the round, along with Binance Labs, Coinbase Ventures, Fenbushi Capital and IOSG Ventures, as well as other well-known blockchain venture capital firms.
By focusing on bringing together well-known names in the industry, Purestake plans to leverage these relationships to generate the global awareness needed to introduce Moonbeam to the epicenters of decentralized finance (Defi) and NFT activity.
Net lift closure
Purestake’s new cycle will focus on several key project activities, including creating new developer and integration tools, conducting security audits, and expanding its burgeoning presence in Asia.
Similar to the multi-stage rollout that Polkadot organized last year, Purestake plans to follow the development of its live parachute network with the Moon River rollout in Cusama before a possible launch of the parachute network in the middle of this year.
The highly interoperable and anticipatory Moonbeam platform allows existing smart contract and Ethereum application developers to migrate to the Polkadot ecosystem without the need for a full recoding. Not only do developers have more choices, but they can also address issues of scalability and cost-effectiveness.
However, the parachute launches proposed by Kusama and Polkadot are required, along with third-party verification of Moonbeam’s code, before Purestake can fully realize these ambitions.
Capital continues to flow in to designate infrastructure
Moonbeam is far from the only network to benefit from awareness and an influx of capital, especially when it comes to improving the experience of people with a stripe. Blockswap, which offers an affordable definitive platform designed to break through the complexity of token stacking, is the latest in a long line of recipients after receiving $2.5 million from a group of sector funds and private equity investors.
The new round will help Blockswap bring more defi products to market by expanding its range of fixed income products. To provide users with more stability and less volatility, Blockswap’s focus on accessibility could be another benefit, as the infrastructure focuses on community interests.
Will the launch of Moonbeam encourage a mass migration from Ethereum to Polkadot? Tell us what you think in the comments below.
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